Pentax and Hoya merger scrapped

On 21st December last year Pentax and Hoya issued a joint statement declaring their intention to merge in a share-swap. Today Pentax has announced it is to scrap this plan in an apparent rift between the board and the Pentax president Fumio Urano who today resigned over the matter. Takashi Watanuki will take over as preseident of Pentax and in another twist to the story Hoya's board has apparently confirmed they will continue to negotiate for a takeover bid.